Wuhan East Lake High-tech Development Zone (Optics Valley of China) announced new plans for the development of its healthcare industry at the 11th China Bioindustry Convention in Wuhan, capital of Hubei province, on May 25.

A fund of funds was initiated by Wuhan Optics Valley Financial Holding Group, investing 5 billion yuan ($781.75 million) into Optics Valley’s healthcare industry, with a focus on firms involved in genetic engineering, stem cell therapy and digital medical imaging.

Over the last decade, more than 1,800 companies have been established in Optics Valley of China, generating total revenues of 120 billion yuan. 

The fast-growing healthcare will now focus on six emerging areas of medicine –– biomedicine, biomedical engineering, bio-agriculture, precision diagnosis and treatment, smart healthcare, and biological services, according to Qian Deping, a deputy director at the management office for the construction of the national bio-industry base in Wuhan.

In a further boost to the industry, a system designed to promote innovation in the six areas has recently been improved.

The system will work to make breakthroughs in developing cutting-edge technologies, provide professional platforms, apply scientific and technological achievements, and speed up the formulation of standards and brands, said Feng Li, chief engineer of the zone’s management committee.

The government will also provide fiscal support with annual investment of 1 billion yuan for the development of Optics Valley’s healthcare industry, said Liu Ziqing, director of the zone’s management committee.

With guaranteed capital and support from the local government, it is hoped that by 2020, 3,000 healthcare firms will be bringing in revenues of 300 billion yuan to Optics Valley of China, Liu added.

Visitors view an exhibit during the 11th China Bioindustry Convention. [Photo/Hubei Daily]